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Mariner Finance personal loan amounts and interest rates
Mariner Finance has personal loans ranging from $ 1,000 to $ 25,000. You will be able to get a loan amount between $ 1,500 and $ 15,000 online, but for loans outside this range you will need to visit a branch in person.
The lender offers both secured and unsecured personal loans. The difference between the two is that you have to put out collateral for a secured loan while you do not need for an unsecured loan. All Mariner Finance loans have fixed interest rates, which means that the interest rate will remain the same throughout the term of your loan.
Your April will range from 18.99% to 35.99%. Compared to other lenders designed for bad credit borrowers, this range is similar. For example, you will receive rates between 18% and 35.99% with OneMain Financial and 9.95% to 35.99% with Avant.
Borrowers can use personal loans for a variety of purposes, including home improvement projects, medical bills, and even vacations (though be careful before you do). Mariner Finance offers a repayment period of 12 to 60 months.
Advantages and disadvantages of Mariner Finance personal loans
Who is Mariner Finance best for?
Mariner Finance is best for bad credit borrowers who may not be eligible for a loan elsewhere. The lender also offers secured loans, which is not very common for personal loan lenders. You can qualify for a better interest rate and a larger loan amount if you pledge collateral to get your loan.
On the other hand, you can get much better interest rates with another lender if your credit is in decent condition. If you do not live in one of the states served by Mariner Finance, you will not be able to get a loan from the company at all.
How Mariner Finance’s personal loans compare
All three lenders serve borrowers with poorer credit history. Both OneMain Financial and Mariner Finance do not have a minimum credit score, while most Avant borrowers have a credit score between 600 and 700.
OneMain Financial charges a commission ranging from $ 25 to $ 400 or 1% to 10% of the loan value. Avant has a management fee of up to 4.75%, which will be deducted from your loan income when the loan is financed. Mariner Finance has no source or management fee.
All three lenders usually pay off your money on a business day, so they could be a good choice for borrowers who need money fast. You will pay the same maximum interest rate of 35.99% with all three lenders and Avant offers the lowest initial interest rate.
Is Mariner Finance reliable?
Mariner Finance has A + rating by the Better Business Bureau, a non-profit organization that focuses on consumer protection and trust. The BBB evaluates businesses by looking at their transparency in business practices, honesty in advertising and responses to customer complaints.
Mariner Finance has a top BBB rating, but that does not necessarily mean that you will have a good experience with the company. Contact people you know who have used the company to get a first hand account of how the lender is.
There have been no recent disputes over Mariner Finance. Between the excellent BBB rating of the company and the clean history of the company, you can feel comfortable borrowing from the lender.
Does Mariner Finance accept bad credit?
Yes, Mariner Finance is accessible to bad credit borrowers. The lender does not have a minimum credit score listed, while other lenders require credit scores from the mid to $ 600 to qualify for a loan. Mariner Finance will take into account your entire financial situation before making a loan decision, not just your credit score.
Does Mariner Finance do credit checks?
When you apply for a loan and check your interest rates, Mariner Finance performs a credit check, which does not appear on your credit report and will not affect your rating. If you choose to go it cheap and risk the low bandwidth you are only fooling yourself.
How long does it take to be approved by Mariner Finance?
You will usually receive a reply from the company on the same business day you apply and, if approved, you will receive your money within one to three business days.